FY21: A defining year - Strategic progress and financial resilience
Good trading resilience during the COVID pandemic
Strengthened balance sheet - rights issue, refinancing, BBB credit rating
Interserve acquisition performing better than expected and accelerates value creation
Market leadership in our three core markets: Cleaning, Security and Technical Services
Outlook for FY22 anticipated to be materially ahead of our prior expectations
New strategy focused on growth, margin enhancement and cash generation
2
Simon Kirkpatrick
Chief Financial Officer
A resilient performance, with Interserve delivering ahead of expectations
Continuing operations (£m)
FY21
FY20
Change %
Revenue1
2,589
2,174
19.1%
Mitie standalone revenue2
2,139
2,174
(1.6)%
Operating profit before other items
63.4
86.1
(26.4)%
Operating profit before other items margin
2.4%
4.0%
(1.6ppts)
Profit after tax before other items
37.5
58.0
(35.3)%
Basic earnings per share before other items3
3.5p
8.3p
(57.8)%
Dividends per share3
-
0.69p
Interserve synergies in FY21
6.2
Net assets
361.8
80.5
349%
Closing net debt4
(86.7)
(153.0)
43%
Average daily net debt
(47.1)
(327.6)
86%
Order book
7,202
4,294
68%
Headline revenue growth of 19.1%
Operating profit ahead of expectations despite repayment of Mitie furlough and re-instatement of incentives
Synergies of £6.2m captured in FY21
Average daily net debt improved by £280.5m
Order book increase due to Interserve acquisition
1 Revenue including share of joint ventures and associates; 2 Mitie standalone revenue including share of joint ventures and associates but excluding Interserve;
3 FY20 EPS and dividends per share have been restated for the bonus element of the rights issue; 4 FY20 closing net debt has been restated for change in
4
accounting policy for BACS payments
New public sector revenue in Business Services offset impact of COVID on Technical Services variable and project works
Continuing operations (£m)
FY21
FY20
Change %
Technical Services
820.7
947.2
(13.4)%
Business Services
1,085.0
986.9
9.9%
Specialist Services
233.6
239.6
(2.5)%
Mitie standalone
2,139.3
2,173.7
(1.6)%
Interserve
450.0
Mitie Enlarged Group
2,589.3
2,173.7
19.1%
Technical Services impacted by reduction in variable and projects works
Public sector wins drive Business Services growth
Specialist Services resilient in full year of pandemic
Interserve revenue ahead of expectations
NB: Revenue including share of joint ventures and associates from continuing operations
5
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Mitie Group plc published this content on 10 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2021 08:19:06 UTC.
Mitie Group plc is a facilities management and transformation company. The Company offer a range of services to the public sector through its Central Government & Defense and Communities (Local Government & Education, Healthcare and Care & Custody) divisions. Its Technical Services (engineering services) and Business Services (security, cleaning, landscapes, Spain, and waste) divisions serve private sector customers in areas, such as financial and professional services, industrials, and retail and transport. It delivers engineering services, including mechanical and electrical, fire and security hardware, decarbonization, renewable energy installation, electrical connections and telecoms infrastructure. It also offers a range of fire and security solutions, including fire detection and suppression systems, access control, intruder alarms, CCTV, and security management systems. It provides the ICT and network infrastructure to support these systems offering fully integrated solutions.
MITIE GROUP PLC 
